Coffee Day Enterprises, which runs Cafe Coffee Day, on Saturday said its board has approved raising of Rs 305 crore through issuance of non-convertible debentures (NCDs).

Coffee Day Enterprises - File Photo (Getty)

Coffee Day Enterprises, which runs Cafe Coffee Day, on Saturday said its board has approved raising of Rs 305 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"The company at its board meeting held today inter alia approved draft disclosure documents for issue of rated, unlisted non-convertible debentures of Rs 305 crore on private placement basis," Coffee Day Enterprises said in a BSE filing.

The company will use the NCD proceeds for replacing the existing debt.

The coffee chain's Rs 1,150-crore initial public offer (IPO) had hit the market in October 2015.